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Regional/National
CNBC ranks top states for business
CNBC recently released its list of "America's Top States for Business 2024." In the study, CNBC used data from each state’s primary economic development arm, the Annual Comprehensive Financial Report and numerous other sources to determine the rankings.
States are scored on 128 metrics across 10 broad categories of competitiveness. Each category is weighed based on how frequently states use them as a selling point in economic development marketing materials. The highest score states can reach is 2,500.
CNBC’s Top Five States for Business 2024 (all Southern)
Foreign automakers out produce domestics for the first time in 2023
Reports from Autos Drive American and the American International Automotive Dealers Association says international automakers made 4.9 million light vehicles in 2023 and Detroit’s Big 3 — GM, Ford and Chrysler — produced 4.6 million.
ALABAMA
Automakers contribute $10.8 billion to Alabama, report says
Alabama’s four assembly plants and affiliated factories contributed $10.8 billion to the state’s economy last year. That’s according to a new report from Autos Drive America and the American International Automobile Dealers Association (AIADA). According to the report, the auto industry has invested $14.5 billion in Alabama.
Last year, Mercedes-Benz, Honda, Hyundai, and Mazda-Toyota produced 1.124 million vehicles, with $10.7 billion in autos purchased from U.S. suppliers.
In 2023, Alabama’s automotive industry created 88,947 total jobs, generating $6.4 billion in total compensation. That includes more than 17,000 direct jobs, and 64,000 indirect jobs. According to the report, every direct auto making job supports 3.5 additional jobs in Alabama. In revenue, the industry generated $892 million in state and local taxes, and $1.5 billion in federal tax receipts.
Alabama announces new EV workforce training center to support automotive industry growth
Governor Kay Ivey announced in the summer that Alabama is building a $30 million workforce training center in Decatur that will focus on electric vehicles and emerging technologies in order to position the state’s auto industry for the next chapter of its growth. The facility will be located on the campus of the Alabama Robotics Technology Park, a unique $73 million center operated by AIDT that helps companies train workers on advanced R&D and manufacturing technologies.
Shipbuilder Austal to add over 1,000 jobs at its downtown Mobile, Ala. complex
Austal USA announced plans to expand its Mobile shipyard with the construction of an additional waterfront assembly facility to support the growth of shipbuilding in Alabama’s Port City. The expansion project, fueled by a capital investment of more than $288 million, is set to create 1,032 new jobs over the next four years, according to the Mobile Chamber. This infrastructure expansion includes the construction of Final Assembly Building #2 (FA 2). The facility will feature three bays to build large steel modules including the Coast Guard’s Offshore Patrol Cutter (OPC) and the Navy’s TAGOS-25 ocean surveillance steel ships.
Korean parts maker expanding in Opelika, Ala.
Auto parts maker Daewon is planning a $46.2 million expansion in Opelika, Ala. that will create 100 jobs.
Toyota begins production on new engine line in Huntsville, Ala.
Toyota Alabama announced that it has begun production of its i-FORCE 2.4-liter turbo engine line at its Huntsville engine plant, culminating a $222 million corporate investment in the project. The 2,000 employee plant will provide powertrains for the new Tacoma pickup.
ARKANSAS
The largest direct extrusion press in North America is in Arkansas
Aluminum extrusion and metal fabricator Taber Extrusions of Russellville, Ark., announced a $60 million expansion of its facility that will introduce the largest direct extrusion press in North America. The project is expected to create 70 jobs. It will add 125,000 square feet to Taber’s existing 140,000-SF facility and increase overall production capacity “by multiples,” the company said.
Hino Motors closing large plant in Arkansas Delta
A couple of decades ago, Toyota and its site selection guru, Dennis Cuneo, scouted a megasite across the bridge from Memphis in Marion, Ark. to build a large assembly plant. That was the pickup truck project that ended up on San Antonio. While East Arkansas lost out on that deal, they gave the Delta a “parting gift,” according to workforce development pro, Dr. Glen Fenter. Fenter is the superintendent at Marion, Ark. Schools.
The parting gift was Hino, which makes stamping and component parts in Marion. In June, the Japanese-based parts manufacturer announced it will close the 1,300-employee facility in late 2027. HMM is a subsidiary of Japanese publicly traded company Hino Motors Ltd., of which Toyota owns a majority stake. HMM began production at its Marion facility in 2006 and expanded multiple times over the years.
GEORGIA
Atlanta’s data center projects march on
Microsoft is constructing a new data center campus on Atlanta’s Southside. Since 2023, data center construction in metro Atlanta has increased 211%, which is the fastest among major data center markets across the country, according to real estate services firm CBRE. Microsoft has targeted Atlanta’s Southside for data center development, paying at least $171 million so far this year to acquire more than 480 acres, including the Union City site.
Maker of transformers to open Georgia factory near Plant Vogtle
A European company that makes transformers for utilities and vehicles announced it will open a facility in eastern Georgia near the sprawling Plant Vogtle nuclear power station. Ritz Instrument Transformers will invest $28 million in the new facility in Waynesboro, about 30 miles south of Augusta, and promised to hire 130 workers. The German company, which already operates two Georgia plants, develops and produces transformers ranging from 600 volts to 500 kilovolts in addition to cast metal parts.
Hyundai begins hiring push in Savannah
Korean automaker Hyundai is well into hiring at its metaplant just west of Savannah. The plant is nearing completion and test vehicle assembly has started. Hyundai’s facility is reshaping the Savannah area’s labor landscape. The assembly plant and adjacent battery factory, located 25 miles west of downtown Savannah near Ellabell, will employ 8,500 at full build-out while suppliers will put 7,000 more residents to work.
On again, off again, Georgia Rivian EV plant lands $5 billion in funding from Volkswagen
Rivian Automotive Inc. landed a major investment that may get its Georgia plant back on track. The EV startup has joined with Volkswagen to fund its prospective plant east of Atlanta. Rivian could help the German automotive company expand its plans for software-defined vehicles based on Rivian's existing software platform, electrical architecture and technical capabilities.
Hyundai supplier to create 200 jobs in Georgia
Doowon Climate Control America will build a new plant near Metter in Candler County, Ga. The $30 million investment will create 200 new jobs. Gov. Brian Kemp said that Georgia’s expanding EV industry is benefiting rural corners of the state. “In fiscal year 2023, alone, 82 percent of new jobs created and more than $20 billion of investments went to communities outside the metro Atlanta area,” Kemp said in a news release.
Imola Automotive USA establishing a plant in Fort Valley, Ga.
The Italian electric car manufacturer will break ground in the third quarter of 2024, eventually employing 7,500 people the company announced.
KENTUCKY
Toyota boosts investment to $1.3 billion for Kentucky battery production
The automotive leader announced the investment in their flagship Toyota Motor Manufacturing, Kentucky (TMMK) facility in Georgetown, cementing their commitment to being a long-term employer and establishing the automotive plant as a central part of Toyota’s electrification strategy. The company plans on producing an all-new, three-row battery electric SUV. With a total investment of $10 billion, TMMK is Toyota’s largest production facility globally, having produced 12 million vehicles including the Camry, America’s best-selling sedan.
Distiller breaks ground on new $143.7 million distillery in Morehead, Ky.
Eastern Light Distilling broke ground this summer on a new distillery in East Kentucky. The $143 million deal will create 50 new jobs.
Gov. Beshear: Mitsubishi Electric US to bring 122 high-wage jobs with $143.5 million investment in Maysville, Ky.
Gov. Andy Beshear announced that Mitsubishi Electric US (MEUS) will repurpose an existing manufacturing facility in Maysville to produce highly efficient heat pump compressors, which will bring 122 new full-time jobs with a $143.5 million investment. The Cabinet for Economic Development believes this is the largest project in Mason County in 20 years.
“I had the privilege of meeting with Mitsubishi Electric’s leadership during last week’s economic development visit to Japan to discuss our longstanding partnership and how we can continue to grow together. We also discussed the unique opportunity presented by this project, and it is incredible news for the company and for the commonwealth,” said Gov. Beshear. “The establishment of this facility positions Mitsubishi Electric, a leader in all-climate heat pump systems, to take its business to the next level and emphasizes the importance of investing in companies that are committed to U.S. manufacturing. I want to congratulate the company’s leadership on their decision to reinvest in Kentucky.”
Gov. Beshear: Mizkan America to Expand Manufacturing Facility in Owensboro With $156 Million Investment Creating 44 Quality Jobs
Gov. Andy Beshear highlighted exciting news within the state’s food manufacturing sector as Mizkan America (MA), an industry-leading producer of pasta sauce and vinegar products, announced plans to expand their current facility in Owensboro with a $156 million investment creating 44 new Kentucky jobs.
The project will see the company expand its Owensboro facilities by approximately 320,000 square feet, bringing its total operational space to over 970,000 square feet. The additional space will allow for building improvements, new machinery and equipment, IT upgrades and related assets that will help Mizkan best meet the current and future needs of its customers while maintaining its position as a market leader.
LOUISIANA
Northshore New Orleans on a nice deal run
Construction has begun on a $46 million cold storage facility in Pearl River, La. that promises 100 new jobs. It is one of several deals turned recently in St. Tammany Parish. Georgia-based Agile Cold Storage is building a new facility that will house food production and distribution through the Port of New Orleans to around the world. The project is one gained by the announced $1.8 billion expansion of one of the South oldest port facilities.
Company plans to add 160 jobs in Lake Charles, La.
Process Service Specialists, a specialty industrial mechanical contractor, will invest $3.5 million in its facility over the next three years, a move that will result in 160 new jobs.
New Southland Industrial Coatings manufacturing facility in Acadiana to create nearly 300 new jobs
Southland Industrial Coatings announced it is investing $13.1 million to construct a new fireproofing facility in St. Landry Parish that will serve customers in the utility and renewable energy industries nationwide.
With this expansion, the Louisiana-based family business expects to create 120 direct new jobs with an average annual salary of more than $53,000 and retain 340 existing jobs in the state. Louisiana Economic Development estimates the project will also result in 178 indirect new jobs, for a total of 298 potential new jobs in the Acadiana Region. The company estimates 195 construction jobs at peak construction.
“The continued expansion of Southland Industrial Coatings, and its parent company Southland Steel Fabricators, is a Louisiana success story,” LED Secretary Susan B. Bourgeois said. “We thank this family-owned business for its ongoing commitment to the skilled workers of Louisiana and continued investment in rural Louisiana.
Life for Tyres Group Limited announces $46 million tire recycling facility in La.
Europe’s largest end-of-stage tire recycling company, the Tyres Group will establish its first U.S. processing facility at the Port of South Louisiana, creating 46 direct new jobs in St. John the Baptist Parish.
MISSISSIPPI
Swiss manufacturer Liebherr locating in Tupelo, Miss.
Liebherr, one of the largest manufacturers of construction equipment in the world, is locating distribution and manufacturing operations in Lee County. The project represents a corporate investment of $176 million and will create at least 180 jobs by 2026. The company potentially will invest up to $238.4 million and create up to 342 jobs to support its new operations. Liebherr selected The HIVE Business Park in Tupelo as the location to expand its North American operations. The company will develop a new campus on a 118-acre site that will enable it to construct more than 1 million square feet of building space.
Ashley expanding furniture manufacturing in Lee County, Miss.
Ashley Furniture Industries, the largest manufacturer of home furnishings in the world, has plans to expand operations in two of its existing locations in Lee County. The project represents a corporate investment of approximately $80 million in facilities and equipment and will create at least 500 new jobs. This project will expand Ashley’s foam and mattress production in Verona through the purchase and renovation of a neighboring facility and the construction of a new facility. Additionally, Ashley plans to expand operations in Saltillo, currently the country’s largest mattress plant, with a substantial investment in equipment and operations. This project aims to enhance the company’s operational efficiencies to better serve Ashley’s customers in over 155 countries worldwide.
Cummins, Daimler Truck and Paccar to build $1.9 billion battery facility in Marshall County, Miss.
The tri-venture will bring 2,000 jobs at the Chickasaw Trails Industrial Park in Byhalia, Mississippi. The operation will produce batteries for medium and heavy duty commercial electric trucks.
NORTH CAROLINA
Fayetteville, N.C., chosen for nearly $1 billion titanium plant. Here's what we know.
A nearly $1 billion titanium plant bringing hundreds of high-paying jobs will be built in Cumberland County, according to the Fayetteville-Cumberland Economic Development Corporation. American Titanium Metals, operating under the name Project Aero, has announced it will build its aerospace-grade titanium mill in Fayetteville, creating more than 300 jobs with an average salary of $123,476, the news release said. The project involves an investment of more than $867 million in buildings and equipment, according to the release.
Natron Energy announces $1.4 billion investment at Edgecombe County, N.C. megasite
Natron Energy, Inc., the only commercial manufacturer of sodium-ion batteries in the U.S., has announced it will invest $1.4 billion to establish a sodium-ion battery giga-factory at the Kingsboro CSX Select Megasite in Edgecombe County, N.c., creating more than 1,000 jobs. The new facility will add to the company’s Michigan-based production capabilities. Natron will receive close to $30 million from the North Carolina Megasite Readiness Program for onsite preparation of the Kingsboro Megasite.
Fujihatsu & Toyotsu Battery Components, North Carolina LLC to invest $60 million near Toyota plant in Randolph County
The venture will produce prismatic aluminum cell cases and cell covers with discharge values. The Toyota supplier will create 133 jobs.
Japanese manufacturer plants flag in Greenville, N.C.
Nipro, a manufacturer of medical equipment is establishing a new plant in Pitt County, N.C. The $400 million project will create 232 jobs.
Wake Forest Innovation Quarter launches second phase in Winston-Salem
The 250-acre Wake Forest Innovation Quarter is growing the life sciences on Tobacco Road. Innovation Quarter’s second phase, which will double the science park’s square footage, lands Greensboro/Winston-Salem as a top 10 U.S. market for life sciences construction activity, according to a recent ranking by commercial real estate search-engine Commercial Search. Consuming about half-a-million square feet at Innovation Quarter is the Wake Forest Institute for Regenerative Medicine (WFIRM). The institute is a global leader in R&D, clinical trials, tech transfer and workforce development surrounding leading-edge health treatments.
OKLAHOMA
Oklahoma Celebrates $51 Million Investment in Tulsa Region’s Tech Hub
Gov. Kevin Stitt released a statement celebrating the $51 million federal investment in Tulsa’s Tech Hub. The Tech Hub, which focuses on autonomous technologies such as drones, will make Tulsa the world’s leading destination for innovation, investment and talent in this technology and will find uses in industries spanning agriculture, defense, energy, health care, and manufacturing and beyond. “Oklahoma has a long legacy of excellence in aviation, defense and manufacturing, which makes our great state the ideal location to lead the development of the next generation of autonomous technologies,” said Governor Stitt. “The future of autonomous systems is right here in Oklahoma, and I am thrilled to see the innovations Oklahoma companies are generating as we continue to become a top 10 state.”
SOUTH CAROLINA
Scout Motors to be revived in South Carolina
We are seeing just about every conceivable combination available right now as automakers making a bee-line to electrification. One such effort at taking a brand that was built by International Harvester decades ago is reviving the old Scout brand, which many consider the first SUV. Volkswagen and others have invested in Scout Motors and plan a $2 billion factory capable of making up to 200,000 of the iconic vehicles in South Carolina. Reports state that Scout Motors will build its factory in Blythewood about 20 miles north of Columbia, which will ultimately employ 4,000 people on 1,600 acres right in the middle of the developing “battery belt.” The plant itself will occupy 1,100 acres of that property.
AESC is spending over $3 billion in South Carolina
AESC, a world-leading battery technology company, announced the expansion of its lithium-ion electric vehicle battery manufacturing operations in Florence County, S.C. The company’s $1.5 billion investment will create 1,080 new jobs. This investment follows AESC’s initial announcement in December 2022 and expansion announcement in December 2023, resulting in a total investment of $3.12 billion and supporting 2,700 new jobs across the local community. In 2022, the company announced a multi-year partnership with BMW to supply technology-leading battery cells to be used in the next generation electric vehicle models produced at Plant Spartanburg. AESC’s latest expansion will extend the partnership to additionally provide electric vehicle battery components for BMW Group’s Mexico Assembly Operations.
Tesla to establish first S.C. facility in Greenville County
The electric car company plans to lease 251,100-square-feet to create a regional parts distribution facility.
$3 million investment will create 68 new jobs in S.C.
Fenecon, a provider of energy storage systems, announced it is establishing its first North American operation with headquarters and manufacturing in Greenville County. The company’s $3 million investment will create 68 new jobs. Founded in Germany, Fenecon is a leader in the clean energy sector, known for its innovative battery energy storage systems and smart energy management. The company designs and produces cutting-edge energy storage solutions for the home, commercial and industrial markets.
TENNESSEE
Construction progress at Ford's BlueOval City near Memphis; delay in production
Work on West Tennessee's BlueOval City is entering a new phase. Last year, Ford hit peak construction employment in Q3 2023, matching the timing given two years ago when Ford first came to town. In fact, when plant manager Kel Kearns first gave that timeline, BlueOval City was still an empty field. Months later, it was an active construction site about 50% done — with plenty of mud still around — when Ford CEO Jim Farley visited in March 2023. The company has spent billions getting construction and supplies and is now well into the installation phase, if not nearly complete. As of the summer quarter, machinery was being installed in BlueOval City's paint shop, vehicle assembly, and stamping areas. That means work now moves inside the massive facilities on campus, with literal tons of equipment installed in a way that has been planned for months to ensure top-level efficiency. So, the massive campus is nearly completed. However, production has been delayed and EVs are now to become available in 2027, one year past original projections.
LG Chem signs $19 billion deal with GM
With construction of LG Chem’s $3.2 billion factory in Clarksville, the largest foreign investment in Tennessee history, the South Korean battery maker has agreed to provide GM with battery materials able to power 5 million all-electric vehicles with a 300 mile range.
TrueGreen to move C-suite execs to Franklin, Tenn.
One of Memphis’ largest private companies is relocating its execs to Franklin, the affluent city south of Nashville where Nissan operates its North American headquarters among other major corporate players. However, the company stated it is not relocating its headquarters.
Howmet Aerospace announces Tennessee expansion
Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Howmet Aerospace Inc. officials announced the company is expanding its Morristown, Tenn., location. Headquartered in Pittsburgh, Howmet Aerospace has locations in 13 different countries around the globe and 15 states across the U.S. With the Morristown expansion, the company will create 50 new jobs and invest an additional $27.9 million in Tennessee.
TikTok is moving forward with a new Nashville office
Online sensation TikTok is leasing almost 150,000 square feet in Nashville’s Music Row’s Moore Building to place its permanent office there.
TEXAS
ExxonMobil adding research center at Houston area headquarters
ExxonMobil is renovating its 385-acre headquarters in Spring, Texas to accommodate a new research center, which will relocate up to 600 employees to the Houston area and hire additional people locally. The oil and gas supermajor is closing its other research centers around North America — two locations in Canada and one in New Jersey — and will build up the Houston area as its only remaining research center in the region. While the company has other research centers around the world, Exxon decided this was the best move for North America.
Elon Musk continues his love affair with Austin
Elon Musk's X is now trying to lock down office space in the Texas capital. The company is moving its headquarters to Austin from San Francisco. Elon Musk says he’s moving his companies out of California. In two posts on X, the billionaire said he will move SpaceX’s HQ from Hawthorne, Calif., to Starbase, Texas, a company town being built in the southern part of the state. Social media platform X will move from San Francisco to Austin, Texas, he then said.
German hydrogen company Thyssenkrupp Nucera is growing in Houston
An international electrolyzer company is looking to Houston as a prime location to build out its hydrogen business. Germany-based Thyssenkrupp Nucera, which is a supporting partner of the HyVelocity Hydrogen Hub, established its Houston office in 2021 and is preparing for the local hydrogen ecosystem to grow.
DC leaders endorse plan for $1B Port of San Antonio campus
Congressional leaders are supporting the Port of San Antonio’s proposal to develop a new billion-dollar campus for Air Force Cyber. The 16th Air Force’s AFCYBER campus would replace outdated structures and be designed and built to serve as a base of the future, according to multiple high-level backers of the project. AFCYBER employs more than 2,000 airmen, civilians and contractors who conduct sensitive cyberspace and information operations, electronic warfare, intelligence, and reconnaissance activities in support of U.S. national security objectives.
Texas county approves Toyota incentives for $531 million San Antonio expansion
Local officials are hopeful nearly $32 million in public incentives will sway Toyota to invest more than $531 million in a major expansion of its San Antonio manufacturing campus. In the summer, Bexar County Commissioners authorized negotiations with Toyota on an incentives package valued at $14.9 million. Commissioners have now approved a contract between the county and Toyota tied to those incentives.
Tesla to occupy 1 million square feet in Kyle, Texas
EV automaker and Austin-headquartered Tesla is moving forward with a warehouse and light assembly facility in Kyle. No word on jobs.
Elon Musk wants to move Tesla, SpaceX incorporation to Texas
The Tesla, SpaceX and X chief executive said the company will hold a shareholder vote to decide whether to incorporate in the Lone Star State.
Norwegian EV parts supplier set to spend millions, hire hundreds in Mesquite, Texas
Hexagon Purus ASA, which makes batteries and systems for electric vehicles, is moving into existing facilities in Mesquite. The project will create 250 jobs.
Vehicle parts manufacturer for Tesla to open plant in Austin metro
US Farathane, parts supplier to Tesla’s Austin factory, announced in the winter it open a plant in North Austin. The project will create 100 jobs.
Global automotive parts supplier to invest $100 million north of Austin
Hanwha Advanced Materials LLC, a massive global automotive parts supplier is investing $100 million and hiring hundreds as it sets up shop in Williamson County, north of Austin. The company will build its new plant in Georgetown.
VIRGINIA
Submarine cable manufacturer to build $681 million plant in Chesapeake, Va.
Governor Glenn Youngkin announced that LS GreenLink USA, Inc. will invest $681 million to build a state-of-the-art 750,000-sq.-ft. high-voltage direct current submarine cable manufacturing facility to serve the global offshore wind industry on approximately 100 acres of brownfield in the City of Chesapeake. The new facility will create over 330 full-time jobs. “LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry manufacturing,” said Governor Glenn Youngkin. “LS GreenLink has recognized that Virginia has the skilled talent, world-class logistics location, and business environment that will allow it to serve its growing global customers for submarine power cables.”
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